Disability Insurance

Disability insurance will cover the insured in the event of a total or partial disability. Experts recommend that people insure 60 to 65% of their monthly salary when purchasing disability insurance.

Key things to consider about your current group disability plan:

  • Does your current plan cover all sources of income including commissions and bonuses?
  • How much does your coverage cost?
  • Do rates increase drastically over time?
  • Can the policy be cancelled by your employer?
  • Does the group plan define a condition of disability more stringently than a stand alone product?
  • Who controls the plan?
  • Is coverage portable?
  • What are the waiting periods before benefits apply?
  • Are the benefits taxable?